According to @ki_young_ju, the traditional Bitcoin (BTC) cycle theory, which advised buying when whales accumulate and selling when retail investors enter the market, is now considered obsolete. The author states that the previous pattern of whales selling to retail investors at market tops no longer holds true. In the current market dynamic, a significant shift is occurring where 'old whales' are selling their holdings to 'new long-term whales.' This change is reportedly driven by a level of institutional adoption that is larger than previously anticipated, suggesting a fundamental change in Bitcoin's market structure and holder composition, which has direct implications for trading strategies based on historical cycles.